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Procurement & Supply Chain Management | Assignment

   

Added on  2019-11-20

7 Pages1697 Words145 Views
Running head: PROCUREMENT & SUPPLY CHAIN MANAGEMENTPROCUREMENT & SUPPLY CHAIN MANAGEMENTName of Student:Name of University:Author note:

1PROCUREMENT & SUPPLY CHAIN MANAGEMENTINTRODUCTIONSupply chain in broader terms includes the entire production process along with itsdevelopment, store and supply and procurement plays pivotal role in these. The term SupplyChain Management (SCM) deals with business activities having primary focus on the supply-side (Christopher 2016). SCM charts out the planning design, execution strategies, controlmethods and monitoring techniques of supply chain proceedings that aim to create aninfrastructure that is competitively higher than other market proceedings (Wisner, Tan andLeong 2014). Procurement is done on the part of business entity in order to meet the demands forgoods its business model requires compared to supply chain that deals with the end result ofcustomers accessing the goods. Creation of positive to higher net value, supply demandssynchronization, leveraging logistics and, measuring global performance are also majorcomponent of SCM and procurement is one of the founding process underlying the success ofwell-managed supply chain.This essay is to present a critical review of one newspaper article where he authoroutlines how the evolution of procurement process is going to take place with the advent ofnew management and supply skills, technological advances and arrival of businessintelligence leading toward strengthened supply chain management system. I agree toalmost every point that the author has made in favor of procurement being developed andefficient over time with the transformation in the management designs of the business thatnow focuses more on the integrated information reaped through technological advancesand skilled supply enhancing the future of procurement as well as strengthening supplychain as a whole.

2PROCUREMENT & SUPPLY CHAIN MANAGEMENTTHE NEWS ARTICLE: Let’s take a sneak preview at the future for procurementAuthor: Gerard Chick, chief knowledge officer atOptimum Procurement.CRITICAL EVALUATION:EVOLUTION OF PROCUREMENTI strongly support the evolution of procurement process that would minimize thecost that would further fizzle out the worries regarding budget allocation and maintenanceas successfully noted down by the author. I support it because of the fact that a largelystrong procurement takes care of the contraction in the need of spends managementwithout the requirement of large and discreet organizations doing the task operating atenterprise levels. It further generates profit in terms of reduced cost and cost saving orgrowth in revenue over time (Procurement and Supply Australasia, 2017). The article sheds light on the evolution process of procurement in the future time to helpbusiness organizations or entities build a strong supply chain that is efficient in shrinkingspending management, replacing cost savings by profitability, and initiating and evoking budgetsin the business process (Wisner, Tan and Leong 2014). The procurement process at itsstrategically intrinsic impact evokes the importance of management of spending. EMERGENCE OF NEW SUPPLY MANAGEMENTI strongly believe emergence of newer management of supply decisions wouldconsolidate the supply chain financing because procurement process is the new emergingservice growing explosively in the SCM. Current procurement and sourcing activities

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